Bass Oil (ASX: BAS) has announced that during October it achieved sustained high daily oil production levels averaging almost 900 barrels of oil per day (bopd) Joint Venture share, at the Tangai Sukanati KSO.
The Melbourne-based company said it was on track to challenge the previous Joint Venture production record for the KSO of ~26,000 bbls. The previous record was set in October 2015.
“This compares favourably to September production levels of 17,081 barrels of oil Joint Venture share,” Bass Oil said.
Bass has a 55% interest in the Joint Venture. A successful ongoing production optimisation program along with completion of a three well scale remediation program has led to the field producing at full capacity for the past month, realising company expectations.
“Bass is also pleased to report planning is advanced for a two well drilling program at TangaiSukananti, with drilling expected to commence in December 2018 with the first well, Bunian 5. Bass is progressing its procurement activities for the drilling program.”
In another development Bass Oil announced that it has entered into a Memorandum of Understanding (MoU) with the Bandung Institute of Technology (ITB), Indonesia, and Sejong University, South Korea.
The focus of the MoU is to evaluate the potential of “Carbon Dioxide-Enhanced Oil Recovery” (CO2-EOR) to improve oil recoveries from oil fields operated by Bass now and acquired in the future.
Earlier this year Bass announced it has signed an MoU with ITB and Sejong University) to collaborate on research in relation to the implementation of smart, low-salinity water-flooding systems for enhanced oil recovery specific to small-scale onshore Indonesian oil fields.
BAS Managing Director, Tino Guglielmo said: “Bass has observed that, on average, oil recovery factors achieved in Indonesian oil fields remain relatively low when compared to other regional analogues. This presents us with a significant business opportunity.
“Bass welcomes the opportunity to work alongside these respected Asian universities and their research teams to apply the outcomes of the studies, laboratory trials and field scale pilot projects, to improve oil recoveries to Bass from its’ current and expanding portfolio of oil properties.”